There is a reason why we all at Vtrender love to trade the Bank Nifty.
I used to be a Nifty trader till Vtrender happened at the start of this year and Shai’s love for the Bank Nifty rubbed off on me so much that I trade the Bank Nifty today more than the Nifty.
Besides that it is so easy to work with the Bank Nifty if you are a profiler.
Consider today’s high of 11680 which was the zone where the Bank Nifty had sold off earlier as also the weekly VAH to the point. Or the lows near 11440 which are Oct 26th lows pre bank Scams which were used to buy the market this afternoon.
If you study Profile and trade the Bank Nifty, you would get 8 moves out of 10 right each for 50-90 points without a directional bias in the market.
If you want to know how to do it, hold that thought, we will have a webinar early next month on the subject.
Let’s look at the charts :
The market undid the good work of yesterday and for tomorrow 11520 will be the key.
Earlier this morning if you were on the chat box, you would have taken cues to book out longs partially- a signal which we gave live here at 9.36 this morning 20 mins after the market open with the Nifty then at 6040 and the Bank Nifty at 11680 !
Longs from 58XX levels are still safe as long as the Nifty trades above 5944 and the Bank nifty above 11320.As Shai had called over the weekend, we are in a sideways zone, and profits have to be booked before they get eaten up by the market.
This is also my last post this year as I head off for some R & R.
See you next year. Happy Holidays !